Engineering major Siemens' net profit for the year ended September 30, 2001 has dipped by 18.19 per cent to Rs 68.72 crore compared with Rs 84.04 crore registered for the year ended September 30, 2000. The company has declared a 40 per cent dividend.
Siemens managing director J Schubert said at a press conference: "Even in an extremely difficult environment, we have been able to achieve our targets and to bring the company to a further stable position. By intensifying our sales efforts, we were able to increase market shares in key businesses. Our basic policy of taking only quality orders that give us a healthy bottomline has paid off." He said the company would continue pursuing the four-point programme, but with a new focus.
Impacted by the downturn in the economy, the company reported flat sales. Sales turnover grew by 4 per cent to Rs 1,157.28 crore from Rs 1,115.71 crore. Total expenditure rose by 3.66 per cent to Rs 1,096.19 crore from Rs 1,057.39 crore. The tax burden vaulted by 122.80 per cent to Rs 23.64 crore from Rs 10.61 crore.
The company's bottomline was affected by Rs 11.34 crore of exceptional expenditure relating to restructuring.
